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It's time to move. Maybe you've outgrown your home, or it's become too much for you to handle. Perhaps you've received a job offer in another city and need to sell your house to start a new chapter in a new location with a new mortgage. You've watched enough HGTV to believe that you need to stage your home "just so" before you sell. Are they right? Do you need to refinish hardwood floors, install new carpet, paint every room, and rent furnishings worthy of a model home?
The short answer is no -- not always. Sometimes the smart move is to sell your house exactly as it sits.
1. When it's inherited property
Say you inherit a home. If you don't have the time, energy, or money to pour into the property, it makes sense to sell it "as is." You may not get as much money for the house as you would have if you'd gone in and made updates, but after you factor in how much time you would have spent, you may find that the trade-off is worth it. Plus, if the inheritance came to you and several other people, you won't have to deal with doling out repair jobs.
2. When your time is better spent elsewhere
Let's say you own a business and earn an average of $75 an hour. It's time to sell your home, but several rooms need to be painted, the exterior needs to be power washed, and the bathroom cabinets need refinishing. You don't have the extra funds to pay someone else to do the work, so you plan to do it yourself. All in, you figure supplies will cost $350. However, it will take you 15-20 hours to finish everything. That's 15-20 hours you can't dedicate to your business, which will cost you anywhere from $1,125-$1,500 on top of that $350 for supplies.
If it looks like those small changes to your house won't bring in enough money to cover the cost of making said changes, you're better off selling the house "as is." This is particularly true when home inventory is low and prices are higher than average.
3. When the home is likely to be a teardown
Some houses sit on property that is far more valuable than the house itself. In that case, renovations makes no sense -- especially if your agent suspects that anyone who buys the home is likely to tear it down to build something else.
4. When you hope to attract cash buyers
Some areas are magnets for cash buyers. For example, if the houses in your neighborhood are perfect as flips or rental properties, there's likely a small pool of all-cash buyers keeping their eyes out for anything new on the market. The "as is" status of your house will likely inspire an all-cash buyer to purchase the home at a discount, but all-cash home purchases tend to be fast and simplify the closing process.
5. When the idea of a home inspection makes you a little sick
One of the most stressful periods associated with selling a house is waiting to learn how the home inspection turns out and if the buyers want to renegotiate due to issues that turn up during the inspection. Depending on how your home is listed, you may be able to skip this process. Suppose your listing clearly states that you will only consider offers that don't include a home inspection. In that case, buyers come in knowing that you're not responsible for any needed repairs discovered before or after the purchase.
Even if an "as is" sale sounds amazing
You do yourself no favors by selling a house with cabinets hanging off the hinges, pet stains on the carpet, and burned-out lightbulbs. Even if you decide the best move is to sell your home without making any significant changes, taking care of the small stuff offers a better impression of the property.
Tighten those hinges, replace lightbulbs, and do your best to remove stains from the carpeting. Further, clean the house, remove unnecessary pieces of furniture to make the space appear larger, open window coverings to allow light into the rooms, and make sure the house smells fresh. Mow the lawn, straighten the garage and basement, and take on any jobs that don't require much time or money.
